Mapletree Commercial Trust NPI up 2.2% to $86.26m in Q2

Gains were backed by higher contributions from VivoCity, MBC I, and MLHF.

Mapletree Commercial Trust (MCT) recorded an NPI growth of 2.2% YoY from $84.42m to $86.26m, an announcement revealed. Revenue also inched up 2.5% YoY to $109.92m.

Meanwhile, distributable income and distribution per unit both rose 1.3% to $65.56m and $0.23m, respectively.

“The sustained growth in MCT’s Q2 FY18/19 earnings was driven by higher contribution from VivoCity, MBC I and MLHF,” MCT Management CEO Sharon Lim said.

Portfolio NPI for the quarter rose 2.2% YoY with a 78.5% NPI margin whilst committed occupancy of the portfolio remained high at 98.7%.

According to the firm, VivoCity sustained its robust performance with growths in shopper traffic and tenant sale recorded at 5.8% and 2.8% YoY, respectively. VivoCity’s gross revenue and NPI in Q2 also inched up 2.8% and 2.2%, respectively thanks to higher rental income from new and renewed leases, achieved together with the asset enhancement initiatives.

Meanwhile, occupancy in the firm’s office/business park assets remained high, ranging from 97.8% commitment at MBC I and Mapletree Anson to full occupancy at MLHF.

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